Telefonica names new CEO

Spain's Telefonica , Europe's biggest telecoms company based on clients, has named its head of planning, Julio Linares, to become chief executive officer, Spanish newspapers, quoted by a Reuters report, said.

The Reuters report said Telefonica has not had a chief executive in four years and the move is intended to allow chairman Cesar Alierta to delegate day-to-day operating responsibilities to Linares so that he can focus on strategy, the Cinco Dias newspaper reported.

Telefonica declined to comment on the reports but said it would issue a statement.

Telefonica is expected to announce board changes, with Manuel Pizarro, formerly chairman of power company Endesa , and Javier de Paz replacing Maximio Carpio and Enrique Used, newspapers reported.